Are you looking for a quick way to take out a loan?
Nowadays, you often need to take out a loan to keep your financial troubles from getting out of hand. There are a lot of things that can get in the way of your loan approval though. A bad credit score, an unpleasant credit history, and impossible interest rates are only a few of the potential problems you can come across.
How will you be able to get a loan if you’re plagued with these problems?
Same day payday loans are the answer you’re looking for. With the right payday loan, you’ll be able to take out a loan to pay your debt and pay it back in time before the interest rate kicks in.
How do you go about getting yourself approved for a payday loan though? Read the short guide we have below to find out how.
1. Know Which Same Day Loans You Need
The first thing you should consider when applying for a payday loan is to know which kind of loan to apply for.
For the most part, payday loans work the same way as each other. You take out a loan based on your regular income and pay it back the next time you have a paycheck. This makes payday loans a poor choice if you have no income to secure your payment.
Each kind of payday loan differs from one another in minute ways. These differences may be what makes the loan the best kind of loan for you though.
This kind of loan is different from the others in that it requires collateral for the loan to get approved. Often, these collaterals are titles of properties in your possession. The title for your car, your house, or anything you can prove has value can become collateral in this case.
This is the type of payday loan you go for if you want to take out a large amount of money as a loan. In fact, it offers the highest average amount as a loan among payday loans. Of course, this is only because lenders have large collateral in their hands.
Pawn Shop Loans
Compared to title loans, pawn shop loans don’t stress you out as much. This is because pawn shop loans often don’t require that big of collateral like title loans do. Anything that has a high market value can become collateral in pawn shop loans.
It also doesn’t put much stress on paying back on time because if you miss the specified due date, you still have a chance to get your belongings back. The lender often puts up the item for sale should you miss the due date. You can still claim your item again, you only need to pay it for the price the lender is selling it for and hope no one else takes an interest in buying your item.
Cash advances are often done with banks which makes it a stricter kind of loan. This can be beneficial for you depending on what your contract with the lender is. These can either mean you don’t need to worry about paying it back or you need to go beyond to get what you need to pay back in time.
You should read your contract well to know what you’re getting yourself into. For the most part, it’s often standard and fair, but some lenders often put in agreements which you may not favor you.
Despite the risks here though, cash advances are still among the best payday loans you can get. The security of having a good contract means more than having low-interest rates.
2. Consider When You Need the Loan
Same day payday loans get their name because you get your loan on the same day you apply for it. It’s a great way to get cash if you’re in dire need at the moment. It doesn’t always work like that though.
There are some cases where you only get your loan on the next business day. This is still the case even if you get approved on the same day of your application.
If you need to get the loan as soon as possible, there are certain loans you can go for.
One Hour Payday Loan
This type of payday loan shouldn’t exist as it takes more than an hour to verify your documents when you’re applying for a loan. Some lenders make an exception for emergency cases though and you can get your loan within the hour.
All you need to do is submit them an application where all information inside is accurate. The lending company will then verify it and send you a response within the hour. This response also carries the approval and the loan you asked for.
All the records and documents made this way are in the possession of the lender. Also, they often send you a copy of these records in the e-mail account you provide. There are also some instances where they’ll ask for references to verify your information once again.
It’s of the utmost importance that you’re honest with what they ask of you if you want the loan.
Instant Online Payday Loan
In cases where you are desperate and need money right now, there’s one way you can do so. Instant online payday loans are a boon for your situation as it delivers the loan to you as soon as you need it. These types of loans are often called no credit check loans, as you also don’t need to worry about your credit history and score when applying for this loan.
The catch here is your savings can take a dip as they deduct the payment from your next paychecks. They do so until you’ve paid up the loan you’ve taken out, interest fees included.
You may not get anything for the next few paychecks when you get an instant online loan. Take this into consideration as you may find your savings will take a hit and you may go in debt because of this.
3. Check to See if You Have Any Existing Debt
Once you’ve got a general idea of what kind of loan you need and when you need it, you should take a moment to remember whether you’ve had other debts in the past that are closing in on their due date or have risen in interest by a substantial amount.
It’s a general rule of thumb that you don’t apply for a payday loan when you have other debts. Failing to consider this rule is a surefire way to get yourself into a debt trap like most people. You may find yourself having to borrow more money only so you can pay the latest same day loan you took out.
Check if there are some debts that need your attention. It’s often better to avoid getting a payday loan if it means you fall into a loop of loans to pay for other loans.
4. Ensure Your Income in the Next Cut Off
Before you think about making a payday loan application, you should make sure your next paycheck is enough to cover for the payment. It’s rare to not have enough from your paycheck to pay for the loan but it can still happen to you. The most common reason for this happening is because of a pay cut.
It’s rare a pay cut happens and you become affected by it. When it does though, it may leave you in a tough spot if you’ve taken out a loan. It’s always worth your time to confirm your salary for the next paycheck.
It’s also worth knowing the state of your job. If there are signs it’s crumbling at its feet, then you may want to reconsider your loan application.
5. Collect the Necessary Documents for the Application
For the application to go as smooth as it can go, you should prepare the documents you need in advance. This is simple enough as you only need at least 2 IDs. These IDs should have important information like your birth date as you’re not allowed to apply if you’re under 18.
The only other important document you should have is your proof of income. Without this, you won’t get approved for a standard payday loan no matter what you do.
6. Choose the Right Lender to Borrow From
Now, the only thing left for you to do is choose a lender to borrow from. Some lenders offer lower interest rates while some offer bonuses during an application. There are even lenders who give an extension on the deadline even before the loan begins.
You can view their perks on their websites if you’re having trouble deciding. Their offers look good on paper but what matters more is their customer reviews.
There are some lenders who post tempting ads on their website to get your attention. When you apply for their benefits though, they’ll claim it’s an outdated advert or that it has another meaning.
Some lenders are worse and give horrible service to their customers. Some even have an agenda against people of color and make their loans less beneficial for them. Check what people have to say about lenders before considering applying for a loan with them.
Apply for Same Day Payday Loans Today
Same day payday loans are great for getting yourself out of a tough financial situation. Apply for one today and get it right away!
Looking for financial advice? Contact us here and we’ll get in touch with you as soon as we can! We’ll provide you with advice on payday loans and more!
Here are some other articles you may wish to read:
What You Need to Know About Getting Payday Loans Online
How to Find the Best alternative to No Credit Check Loans
Need a New Nose? the Ultimate Guide on Plastic Surgery Financing
What You Need to Know About Getting Payday Loans Online